Economic theory
A) is a deliberate simplification of factual relationships.
B) seeks to disprove a hypothesis.
C) is based mainly on assumptions.
D) seeks to prove political ideals.
Correct Answer:
Verified
Q176: Arguably, the most important factor affecting economic
Q177: "Assume that all individuals have perfect information
Q178: Tools used by economists include
A)historical study.
B)mathematical reasoning.
C)statistical
Q179: When voluntary trade takes place,
A)both parties can
Q180: Economists make assumptions because
A)this is a way
Q182: Why do economists tend to create models
Q183: Using economic theory to analyze policy issues
A)is
Q184: A useful economic model
A)deals only with possibilities
Q185: Which of the following statements is correct?
A)Theory
Q186: Economic models are often expressed in
A)equations.
B)words.
C)graphs.
D)physical objects.
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